Thanks to a federal grant program, wind power has enjoyed a strong two-year run. As 2010 ended, though, the good times appeared to be over. Then Congress gave the industry a push.
The program, part of the broader stimulus bill passed in February 2009, originally allowed renewable energy projects under construction by the end of 2010 to reclaim 30 percent of eligible costs in cash. It was a major lift for the wind industry, and for the lawyers working in it. “We had a blockbuster year in 2009,” says project finance partner Edward Kayukov of Milbank, Tweed, Hadley & McCloy, who recently represented four banks in the refinancing of the 120-megawatt Cohocton Wind Project in upstate New York. He and his clients weren’t alone. The American Wind Energy Association says that the industry added more than 10,000 megawatts of new generating capacity in 2009—the most ever.
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